Which brokers charge the lowest commission on forex trades?
Verdict
- Pepperstone is our pick for low forex commission from Hong Kong: $3.00 per side ($6 round turn) on cTrader, with a published 0.1-pip EUR/USD average on its Razor account.
- XS Elite and FP Markets Raw also charge $3 per side; the lowest per-side figure in our data is Fusion Markets at $2.25, but it serves non-Australian clients from Seychelles and Vanuatu, publishes no EUR/USD average and has no SFC licence.
- A commission-free account is not cheaper by default: Pepperstone Standard averages 1.1 pips on EUR/USD, about $11 a lot against roughly $7 on Razor cTrader.
- Capital.com publishes no forex commission or EUR/USD average in our data.
The lowest commission and the lowest cost are different things, because brokers can trade a smaller commission for a wider spread. So we rank on commission, as you asked, and then check the all-in price per lot. Pepperstone's cTrader pricing comes out at the low end on both, which is why it is our first choice for a Hong Kong trader.
Pepperstone's commission, platform by platform
Pepperstone's Razor commission depends on the platform and the account currency. In a USD account, per standard lot of FX: cTrader $3.00 per side, MT5, TradingView and the Pepperstone platform $3.50 per side, and MT4 $7 charged on opening. An HKD account pays HKD 28.17 per side. Spreads are the same on every platform, published at 0.1 pips on EUR/USD on average. Gold costs a little more on cTrader ($3.50 per side). Hong Kong accounts sit with Pepperstone Markets Limited in the Bahamas; there is no SFC licence.
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Forex commission compared
All-in figures use $10 a pip and each broker's published average. Fusion Markets cannot be priced because it publishes a '0.0' spread claim for majors in general rather than a EUR/USD average.
| Broker / account | Commission per side | EUR/USD average | All-in per lot |
|---|---|---|---|
| Fusion Markets Zero | $2.25 | Not published | Unknown |
| Pepperstone Razor, cTrader | $3.00 | 0.1 pips | About $7 |
| XS Elite | $3.00 | 0.1 pips | About $7 |
| FP Markets Raw | $3.00 | 0.11 pips | About $7.10 |
| Pepperstone Razor, MT5 | $3.50 | 0.1 pips | About $8 |
| Pepperstone Standard | None | 1.1 pips | About $11 |
When the lowest commission is not the best deal
- Minimums: XS Elite needs $500; Pepperstone starts at $10.
- Account currency: Pepperstone offers HKD; XS lists USD, EUR and JPY, so HKD deposits are converted.
- Licensing: Fusion Markets' non-Australian clients are served by its Seychelles or Vanuatu companies. Pepperstone's Hong Kong clients deal with its SCB-regulated Bahamas entity; none of these holds an SFC licence.
- Platform: the $3.00 rate at Pepperstone is cTrader only; MT5 users pay $3.50.
Working out your own commission bill
- Multiply your average monthly volume in standard lots by the round-turn commission ($6 on Pepperstone cTrader).
- Add the average spread cost: lots × average pips × pip value.
- Compare that total, not the commission line, across brokers.
- If your volume is high, ask whether Pro or high-volume terms apply.
Sources
Is Pepperstone's commission per side or round turn?
Per side on cTrader, MT5 and TradingView ($3.00 or $3.50), so double it for a round turn. On MT4 the $7 per lot is charged when the position opens.
What does Pepperstone charge in Hong Kong dollars?
HKD 28.17 per side per standard lot on a Razor HKD account.
Is there a broker with no forex commission and tight spreads?
Commission-free accounts build their fee into the spread. Pepperstone Standard averages 1.1 pips on EUR/USD, against 0.1 pips plus commission on Razor.
Does Capital.com charge commission on forex?
Our data holds no published forex commission or EUR/USD average for Capital.com, so check its live pricing before comparing.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This page is not investment advice; broker terms change, so check them on the broker's own site before you open an account.